support for the self-employed

The government has announced a new Self-Employed Income Support Scheme to support those who work for themselves. Data from 2018/19 indicated as many as 66,000 people in Dorset could be directly impacted by these measures. 

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Self-Employed Income Support Scheme (SEISS)

Self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus can apply for a Self-Employment Income Support Scheme (SEISS) grant. The scheme currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.

If you’re eligible and want to claim the first grant you must make your claim on or before 13 July 2020.

Check if you are eligible for the scheme here.

This scheme is being extended; you’ll be able to make a claim for a second and final grant in August 2020.

The online service for the second and final grant is not available yet; the current guidance will be updated in due course to let you know when you can make your claim.

If you’re eligible the second and final grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.

If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.

The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.

There is other support available if you’re not eligible for the grant. If you have other employment as a director or employee paid through PAYE your employer may be able to get support using the Coronavirus Job Retention Scheme.

Self-employment Income Support Scheme FAQs are also available on the government website.

There is also further guidance available on ‘How HMRC works out trading profits and non-trading income for the Self-Employment Income Support Scheme’ and ‘How different circumstances affect the Self-Employment Income Support Scheme’.

Free online coronavirus resource for self-employed

Chartered accountants and business advisors PKF Francis Clark have launched an online calculator to help the self-employed find out the help they can expect from the government’s Coronavirus Income Support Scheme.

Last updated: 03/06/20